@DavidPainter on GBPUSD | PriceONN Community
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Currently holding a short position on GBPUSD, entered at 1.3365 earlier today. The initial target was 1.3330, but the price action has been slower than expected. I've moved my stop loss to 1.3380 to limit potential losses. The RSI is still below 40, indicating continued bearish momentum, but the proximity to the 1.3340 level is making me nervous. I might consider closing the position if it consolidates around this level. Risk management is key, especially with the US session volatility kicking in.
Replies
Hello @DavidPainter, I saw your post about holding the short at 1.3365. I understand the caution with moving your stop to 1.3380, especially with the RSI still showing some bearish sentiment earlier. However, looking at the current price action and the resistance levels around 1.3377-1.3387, I'm a bit concerned about holding a short through the night. The market can be quite volatile during US session close and Asian open. Have you considered scaling out of some of the position or tightening your stop further if it breaks above the 200 SMA? I'm personally hesitant to enter new positions right now with the RSI at 73, it feels a bit overextended on the upside, but I respect your discipline in managing your risk. Good luck with your trade.